India Equity Movers: Sugar Stocks, Alok, Idea, Sesa Goa, Suzlon
The following companies had unusual price changes in India trading. Stock symbols are in parentheses and price levels are as of the 3:30 p.m. close in Mumbai.
The Bombay Stock Exchange Sensitive Index, or Sensex, fell 14.91, or 0.1 percent, to 19,686.82. The BSE 200 Index rose 0.3 percent to 2,424.77, its eleventh straight day of advances.
Sugar makers: Bajaj Hindusthan Ltd. (BJH) , the nation’s largest sugar producer, rallied 6.9 percent to 82.7 rupees, its highest level in more than two months. Shree Renuka Sugars Ltd. (SHRS) , the nation’s biggest refiner of the sweetener, advanced 2.2 percent to 76.25 rupees. India’s sugar output rose 23 percent to 20.6 million metric tons in the six months ended March 31, said Vinay Kumar, managing director of the National Federation of Cooperative Sugar Factories Ltd.
Alok Industries Ltd. (ALOK) , a supplier of textiles to Wal-Mart Stores Inc. and Target Group, soared 12 percent to 25.9 rupees, its highest advance since July 2009. The company plans to lease two commercial properties in Mumbai and sell 450 acres of land at Silvassa in the western Gujarat state as it wants to focus on its main business, Chief Financial Officer Sunil Khandelwal said in a phone interview today.
Apollo Hospitals Enterprise Ltd. (APHS) increased 1.2 percent to 486 rupees. The country’s second-biggest hospital operator by market value plans to spend 10 billion rupees ($225 million) in the next two years to help meet rising demand for health care, Chairman Prathap C. Reddy said today.
GAIL India Ltd. (GAIL) added 1 percent to 461.8 rupees. The nation’s largest gas distribution company plans to form a power generation venture with NTPC Ltd., Press Trust of India reported, citing an unidentified official.
GVK Power & Infrastructure Ltd. (GVKP) climbed 1.2 percent to 28.55 rupees, its highest close since Feb. 16. GVK group is in talks with Hancock Holdings Co. to acquire coal assets, Business Standard reported. GVK Power Chief Financial Officer A. Issac George couldn’t be reached on his mobile phone for a comment on the report.
Idea Cellular Ltd. (IDEA) increased 3.9 percent to 70.15 rupees, its highest price since Feb. 3. The stock rose as much as 20 percent. The third-largest mobile-phone company’s controlling shareholder is considering selling its stake, said three people with knowledge of the matter.
RPP Infra Projects Ltd. (RPP) jumped 5 percent to a record close of 71.15 rupees. The builder of roads, buildings and irrigation projects won an order worth 1.2 billion rupees from the Tamil Nadu government to rebuild a canal, according to a stock exchange filing.
Sesa Goa Ltd. (SESA) , India’s biggest iron-ore exporter, climbed 7 percent to 314.75 rupees, its steepest advance since June 21, after the country’s highest court allowed the resumption of exports from ports of the southern state of Karnataka.
Suzlon Energy Ltd. (SUEL) declined 1.2 percent to 49.1 rupees. The wind-turbine maker plans to buy out minority shareholders in its REpower Systems AG unit and may sell its holding in Hansen Transmissions International NV to fund the purchase, it said in a statement.
Separately, the company priced $150 million of its new 5 percent convertible bonds due April 2016 at 54.01 rupees a share with the notes bearing a yield to maturity of 6.50 percent, according to a statement to the Bombay Stock Exchange.
Tecpro Systems Ltd. (TPRO) , an engineering company, rose 6 percent to 305.3 rupees, its steepest gain since Nov. 1, after saying it won 2.56 billion rupees of orders from NTPC Ltd., the country’s biggest power producer.
To contact the reporters on this story: Ameya Karve in Mumbai at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org